Argentine President Milei Faces Backlash Over Endorsement of $LIBRA Scam Token
Argentine President Javier Milei is facing severe backlash after endorsing the $LIBRA token, a project that has since been exposed as a massive insider scam. Investors have lost approximately $87 million following an 85% price crash, leading to criminal fraud charges against Milei and calls for his impeachment.
The $LIBRA project, initially valued at $4.5 billion, was largely controlled by its founders who held 70% of the total token supply. These founders conducted a 'rug pull', selling their tokens at the peak price, causing a significant crash. Around 74,000 investors were affected, with total losses estimated at $87 million.
Milei's endorsement of the token on X, sharing a website and contract address, was crucial in boosting its initial valuation. However, his office later clarified that he was not involved in developing the project but had met with its representatives. Opposition lawmakers are now considering impeachment proceedings against Milei due to the incident.
Blockchain expert Chaofan Shou has alleged that the $LIBRA token's market maker is connected to the MELANIA meme coin and other manipulated tokens. This connection suggests a pattern of market manipulation, with the $MELANIA token following a similar volatile trajectory as the $LIBRA token. Eight insider wallets tied to the $LIBRA team withdrew liquidity exceeding $107 million despite Milei's retraction of endorsement.
The $LIBRA token saga has left investors with substantial losses and raised serious questions about President Milei's judgment and potential involvement. With criminal charges filed and impeachment proceedings on the table, the incident has sparked a significant political controversy in Argentina.
Read also:
- Amazon Halts Drone Deliveries After Arizona Crashes
- US Energy Transition: Coal Plants Struggle, States Push Renewables
- Musk threatens Apple with litigation amidst increasing conflict surrounding Altman's OpenAI endeavor
- U.S. Army Europe & Africa Bolsters Regional Security with Enhanced Partnerships & Deterrence
